Watershed Asset Management, L.L.C.
San Francisco, CA
$112m in 116 US stocks at the end of 30 June 2026. The top 10 are 36.6% of the money. It changed about 29.3% of the portfolio this quarter.
Value
$112m
Stocks
116
Top 10 share
36.6%
Turnover
29.3%
What changed this quarter
New
Bought for the first time this quarter.
- Taiwan Semiconductor ManufacturingTSM3.2% of the fund
- SeaSE2.4% of the fund
- RepligenRGEN2.3% of the fund
- DoorDashDASH2.2% of the fund
- Analog DevicesADI2.1% of the fund
- ShopifySHOP2.1% of the fund
- Crane NXTCXT0.6% of the fund
- QualysQLYS0.5% of the fund
- Insight EnterprisesNSIT0.5% of the fund
- RingCentralRNG0.5% of the fund
- Consensus Cloud SolutionsCCSI0.5% of the fund
- GoDaddyGDDY0.5% of the fund
- Five9FIVN0.5% of the fund
- BlackbaudBLKB0.5% of the fund
- PhotronicsPLAB0.5% of the fund
- PC ConnectionCNXN0.5% of the fund
- Cass Information SystemsCASS0.5% of the fund
- SalesforceCRM0.5% of the fund
- OSI SystemsOSIS0.5% of the fund
- EPAM SystemsEPAM0.5% of the fund
- Cars.comCARS0.5% of the fund
- ANI PharmaceuticalsANIP0.5% of the fund
- Paycom SoftwarePAYC0.5% of the fund
- Weis MarketsWMK0.5% of the fund
- DeluxeDLX0.4% of the fund
Added
Bought more of a stock they already held.
- VisaV4.8% of the fund+11%
- Thermo Fisher ScientificTMO4.1% of the fund+31%
- Amazon.comAMZN4.0% of the fund+29%
- Moody'sMCO3.7% of the fund+32%
- Meta PlatformsMETA3.2% of the fund+26%
- Invesco Exch Traded FD TR IITAN2.9% of the fund+50%
- CDWCDW0.5% of the fund+16%
- Euronet WorldwideEEFT0.5% of the fund+18%
- WEXWEX0.5% of the fund+36%
- CarGurusCARG0.5% of the fund+27%
- AdobeADBE0.5% of the fund+45%
- Viemed HealthcareVMD0.5% of the fund+4%
- Diebold NixdorfDBD0.5% of the fund+15%
- EplusPLUS0.5% of the fund+16%
- CorpayCPAY0.5% of the fund+8%
- IbexIBEX0.5% of the fund+7%
- BeldenBDC0.5% of the fund+23%
- SkywestSKYW0.5% of the fund+7%
- Collegium PharmaceuticalCOLL0.5% of the fund+10%
- Zoom CommunicationsZM0.5% of the fund+3%
- Cirrus LogicCRUS0.5% of the fund+7%
- EnnisEBF0.5% of the fund+14%
- VontierVNT0.5% of the fund+46%
- Tenet HealthcareTHC0.5% of the fund+23%
- Universal Health ServicesUHS0.5% of the fund+44%
Cut
Sold some of their stake.
- Vanguard Intl Equity Index FVEU4.7% of the fund-17%
- Applied MaterialsAMAT2.4% of the fund-56%
- KLAKLAC2.0% of the fund-53%
- TeradyneTER1.9% of the fund-51%
- Pagaya TechnologiesPGY0.5% of the fund-18%
- Amkor TechnologyAMKR0.5% of the fund-33%
- DavitaDVA0.5% of the fund-14%
- JabilJBL0.5% of the fund-13%
- Gen DigitalGEN0.5% of the fund-5%
- AvnetAVT0.5% of the fund-15%
- NetAppNTAP0.5% of the fund-24%
- InterfaceTILE0.5% of the fund-22%
- Ryder SystemR0.5% of the fund-17%
- TD SynnexSNX0.5% of the fund-26%
- Ingram Micro HoldingINGM0.5% of the fund-6%
- Concentra Group Holdings ParentCON0.5% of the fund-14%
- ManpowerGroupMAN0.5% of the fund-13%
- Match GroupMTCH0.5% of the fund-9%
- Arrow ElectronicsARW0.5% of the fund-21%
- Sirius XM HoldingsSIRI0.4% of the fund-10%
- ConnectOne BancorpCNOB0.4% of the fund-9%
- Korn FerryKFY0.4% of the fund-10%
- El Pollo Loco HoldingsLOCO0.4% of the fund-3%
- EverQuoteEVER0.4% of the fund-28%
- HPHPQ0.4% of the fund-7%
Sold out
Sold their entire stake.
- MercadoLibreMELI-100%
- IntelINTC-100%
- Direxion Shares ETF TrustQQQE-100%
- NvidiaNVDA-100%
- DanaherDHR-100%
- Lumentum HoldingsLITE-100%
- GitlabGTLB-100%
- Insteel IndustriesIIIN-100%
- Dell TechnologiesDELL-100%
- AT&TT-100%
- HumanaHUM-100%
- Akamai TechnologiesAKAM-100%
- ZoomInfo TechnologiesGTM-100%
- Peapack Gladstone FinancialPGC-100%
- Diodes INC /delDIOD-100%
- Cognizant Technology SolutionsCTSH-100%
- Vital FarmsVITL-100%
- Rigel PharmaceuticalsRIGL-100%
- FlexFLEX-100%
- PayPal HoldingsPYPL-100%
- PlexusPLXS-100%
- Sanfilippo John B & SONJBSS-100%
- MKSMKSI-100%
- Fidelity National Information ServicesFIS-100%
- QualcommQCOM-100%
Holdings
- Vanguard Intl Equity Index FVEU
- Share
- 4.7%
- Value
- $5m
- Shares
- 63,091
-17%
- IsharesEWW
- Share
- 3.6%
- Value
- $4m
- Shares
- 53,500
Held
- Invesco Exch Traded FD TR IITAN
- Share
- 2.9%
- Value
- $3m
- Shares
- 54,000
+50%
- SeaSE
- Share
- 2.4%
- Value
- $3m
- Shares
- 28,300
New
- Ishares TRINDA
- Share
- 2.2%
- Value
- $2m
- Shares
- 50,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| VisaV | 4.8% | $5m | 15,600 | +11% |
| Vanguard Intl Equity Index FVEU | 4.7% | $5m | 63,091 | -17% |
| Thermo Fisher ScientificTMO | 4.1% | $5m | 9,150 | +31% |
| Amazon.comAMZN | 4.0% | $4m | 18,800 | +29% |
| Moody'sMCO | 3.7% | $4m | 9,250 | +32% |
| IsharesEWW | 3.6% | $4m | 53,500 | Held |
| Meta PlatformsMETA | 3.2% | $4m | 6,387 | +26% |
| Taiwan Semiconductor ManufacturingTSM | 3.2% | $4m | 7,400 | New |
| Invesco Exch Traded FD TR IITAN | 2.9% | $3m | 54,000 | +50% |
| SeaSE | 2.4% | $3m | 28,300 | New |
| Applied MaterialsAMAT | 2.4% | $3m | 3,750 | -56% |
| RepligenRGEN | 2.3% | $3m | 18,800 | New |
| Ishares TRINDA | 2.2% | $2m | 50,000 | Held |
| DoorDashDASH | 2.2% | $2m | 13,100 | New |
| Analog DevicesADI | 2.1% | $2m | 6,000 | New |
| ShopifySHOP | 2.1% | $2m | 20,100 | New |
| KLAKLAC | 2.0% | $2m | 7,400 | -53% |
| Warby ParkerWRBY | 1.9% | $2m | 70,500 | Held |
| TeradyneTER | 1.9% | $2m | 4,350 | -51% |
| Crane NXTCXT | 0.6% | $625,073 | 12,218 | New |
| QualysQLYS | 0.5% | $600,281 | 4,366 | New |
| Pagaya TechnologiesPGY | 0.5% | $598,600 | 32,800 | -18% |
| Insight EnterprisesNSIT | 0.5% | $596,698 | 4,899 | New |
| RingCentralRNG | 0.5% | $596,277 | 15,297 | New |
| Consensus Cloud SolutionsCCSI | 0.5% | $594,835 | 15,592 | New |
| CDWCDW | 0.5% | $585,062 | 4,160 | +16% |
| Euronet WorldwideEEFT | 0.5% | $581,861 | 7,950 | +18% |
| GoDaddyGDDY | 0.5% | $581,258 | 6,848 | New |
| Five9FIVN | 0.5% | $579,286 | 27,171 | New |
| Amkor TechnologyAMKR | 0.5% | $579,121 | 6,716 | -33% |
| DavitaDVA | 0.5% | $576,223 | 2,590 | -14% |
| BlackbaudBLKB | 0.5% | $574,391 | 19,392 | New |
| WEXWEX | 0.5% | $570,427 | 4,043 | +36% |
| CarGurusCARG | 0.5% | $568,826 | 16,686 | +27% |
| AdobeADBE | 0.5% | $565,650 | 2,759 | +45% |
| JabilJBL | 0.5% | $564,343 | 1,464 | -13% |
| Viemed HealthcareVMD | 0.5% | $564,152 | 49,487 | +4% |
| PhotronicsPLAB | 0.5% | $563,420 | 17,320 | New |
| PC ConnectionCNXN | 0.5% | $560,563 | 7,680 | New |
| Diebold NixdorfDBD | 0.5% | $558,751 | 6,572 | +15% |
| EplusPLUS | 0.5% | $557,558 | 6,699 | +16% |
| Kearny FinancialKRNY | 0.5% | $557,345 | 58,916 | Held |
| Cass Information SystemsCASS | 0.5% | $554,615 | 10,807 | New |
| CorpayCPAY | 0.5% | $553,228 | 1,660 | +8% |
| IbexIBEX | 0.5% | $547,176 | 18,017 | +7% |
| BeldenBDC | 0.5% | $546,670 | 4,559 | +23% |
| SalesforceCRM | 0.5% | $546,430 | 3,488 | New |
| SkywestSKYW | 0.5% | $545,520 | 5,492 | +7% |
| OSI SystemsOSIS | 0.5% | $543,470 | 2,485 | New |
| Collegium PharmaceuticalCOLL | 0.5% | $541,914 | 14,970 | +10% |
| EPAM SystemsEPAM | 0.5% | $539,104 | 6,794 | New |
| Cars.comCARS | 0.5% | $535,885 | 48,984 | New |
| Zoom CommunicationsZM | 0.5% | $535,554 | 6,205 | +3% |
| Cirrus LogicCRUS | 0.5% | $534,411 | 3,598 | +7% |
| Gen DigitalGEN | 0.5% | $533,094 | 21,418 | -5% |
| AvnetAVT | 0.5% | $532,387 | 5,994 | -15% |
| EnnisEBF | 0.5% | $531,675 | 25,020 | +14% |
| NetAppNTAP | 0.5% | $530,053 | 3,425 | -24% |
| IDTIDT | 0.5% | $529,954 | 9,112 | Held |
| InterfaceTILE | 0.5% | $528,425 | 14,744 | -22% |
| Ryder SystemR | 0.5% | $527,276 | 1,999 | -17% |
| First BuseyBUSE | 0.5% | $524,215 | 17,770 | Held |
| VontierVNT | 0.5% | $522,580 | 18,020 | +46% |
| ANI PharmaceuticalsANIP | 0.5% | $519,445 | 6,275 | New |
| TD SynnexSNX | 0.5% | $519,442 | 1,943 | -26% |
| Ingram Micro HoldingINGM | 0.5% | $517,878 | 18,880 | -6% |
| Concentra Group Holdings ParentCON | 0.5% | $514,229 | 17,285 | -14% |
| Tenet HealthcareTHC | 0.5% | $514,096 | 2,748 | +23% |
| ManpowerGroupMAN | 0.5% | $513,675 | 15,211 | -13% |
| Universal Health ServicesUHS | 0.5% | $512,683 | 3,448 | +44% |
| Paycom SoftwarePAYC | 0.5% | $511,141 | 4,067 | New |
| Weis MarketsWMK | 0.5% | $510,816 | 6,523 | New |
| Match GroupMTCH | 0.5% | $510,098 | 13,406 | -9% |
| Ingles MarketsIMKTA | 0.5% | $508,892 | 5,745 | +17% |
| Arrow ElectronicsARW | 0.5% | $507,916 | 2,380 | -21% |
| Natural Grocers by Vitamin CottageNGVC | 0.5% | $505,719 | 16,303 | +8% |
| Cigna GroupCI | 0.4% | $502,565 | 1,823 | +10% |
| Capitol Federal FinancialCFFN | 0.4% | $501,792 | 58,965 | Held |
| Sirius XM HoldingsSIRI | 0.4% | $501,648 | 16,982 | -10% |
| Hope BancorpHOPE | 0.4% | $501,427 | 36,654 | Held |
| ConnectOne BancorpCNOB | 0.4% | $498,323 | 14,902 | -9% |
| Banc of CaliforniaBANC | 0.4% | $497,573 | 24,355 | Held |
| WesbancoWSBC | 0.4% | $497,203 | 12,739 | Held |
| Beacon FinancialBBT | 0.4% | $496,914 | 16,319 | +7% |
| DoubleVerify HoldingsDV | 0.4% | $488,375 | 45,053 | Held |
| Valley National BancorpVLY | 0.4% | $488,343 | 33,334 | Held |
| Natures Sunshine ProductsNATR | 0.4% | $487,797 | 22,376 | +37% |
| Korn FerryKFY | 0.4% | $486,700 | 7,310 | -10% |
| First MerchantsFRME | 0.4% | $486,663 | 11,139 | Held |
| RenasantRNST | 0.4% | $486,232 | 11,430 | Held |
| Prosperity BancsharesPB | 0.4% | $485,211 | 6,644 | Held |
| El Pollo Loco HoldingsLOCO | 0.4% | $485,022 | 28,598 | -3% |
| EverQuoteEVER | 0.4% | $483,318 | 20,316 | -28% |
| Accel EntertainmentACEL | 0.4% | $479,760 | 38,046 | Held |
| HPHPQ | 0.4% | $476,164 | 21,703 | -7% |
| FNBFNB | 0.4% | $474,863 | 24,888 | Held |
| AmdocsDOX | 0.4% | $464,109 | 9,183 | +35% |
| InnovivaINVA | 0.4% | $462,512 | 20,366 | Held |
| Verizon CommunicationsVZ | 0.4% | $462,226 | 10,917 | +17% |
| DeluxeDLX | 0.4% | $461,863 | 19,341 | New |
Showing the largest 100 of 116.
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 4.4% since 31 December 2025.
Where the money is
Technology32.0%
Financial services16.4%
Health care13.0%
Retail & consumer11.4%
Media & telecom6.3%
Industrials2.4%
Everyday goods1.7%
Utilities1.0%
Other15.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.